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7-Eleven Parking Lot Lease, Westhampton, NY

7-Eleven Parking Lot Lease

NY, United States

Price $1,500,000
Cap Rate
NOI
Lease Term 25 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2014
Building Size 13,750 SF Parking Area and 2,500 SF Sign Area
Lot Size 0.90 Acres (39,250 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

LONG-TERM NNN LEASE WITH SCHEDULED RENTAL INCREASES
» 25-year lease with 22 years remaining, creating a stable, long-term investment
» 10% rental increases every five years, providing a hedge against inflation
» NNN lease requires no landlord management, ideal for an out-of-area investor

CORPORATE LEASE TO STRONG NATIONAL TENANT
» 7-Eleven, Inc. is an investment grade tenant with an “AA-” rating from Standard & Poor’s
» 7-Eleven is the largest convenience retail chain in the world, with 60,000 stores in 18 countries
» Iconic tenant with strong brand recognition

PRIME LOCATION WITH ROBUST DEMOGRAPHICS
» Excellent location in The Hamptons, one of the nation’s most popular seaside resorts
» Affluent demographics – average household incomes well over $100,000 within one-, three-, and five-mile radii
» Great access and visibility from Montauk Highway – the main route through The Hamptons and along Long Island’s southern shore

NEW YORK CITY MSA LOCATION
» Most populous MSA in the U.S., with a population of over 20.2 million
» Largest regional economy in the United States and one of the most important in the world
» New York City is the world’s premier financial center, home to the New York Stock Exchange and NASDAQ

Click Here to Download Offering Memorandum


Property Description

SOLD

Historically, 7-Eleven has had no visibility or presence on the main thoroughfare of Montauk Highway. Despite the high development barrier existing to enter this market, the additional parking lot was approved and developed in 2014. The lot not only provides additional parking for customers, but it allows for increased visibility and signage on Montauk Highway. Sales revenues have substantially increased as a result of the parking lot expansion.

The property is located at the corner of John Way and Montauk Highway, with excellent access and visibility to 11,112 vehicles per day. Montauk Highway extends for 95 miles along the southern shore of Long Island and is the main route through The Hamptons, a group of villages and hamlets forming one of the nation’s most popular seaside resorts. The villages and hamlets are distinguished by their significant population increases during the summers, although The Hamptons have increasingly become a year round destinations for New Yorkers seeking a refuge on weekends. Residents of The Hamptons are affluent; average household incomes within one-, three-, and five-mile radii of the property well exceed $100,000. Expensive, designer retailers are common in the area; tenants near the property include Calypso St. Barth, Club Monaco, Brooks Brothers, Isaac Mizrahi, Coach, Fossil, Michael Kors, and many others. Other major national retailers in the area include Walmart, Costco, Rite Aid, Dunkin’ Donuts, NAPA Auto Parts, and Ben & Jerry’s.

The property benefits from its prime location near downtown Westhampton Beach, located within walking distance from the property. Additionally, the property is near Westhampton Beach’s elementary, intermediate, and high schools. The schools have a combined enrollment of 1,837 students and employ approximately 160 full-time teachers.

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